Gold - April 28, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading at $1769 per ounce on Wednesday. Gold June future contract at MCX were trading over half a percent down at Rs. 46991 per 10 grams by noon session.

Gold prices traded under pressure on dollar recovery ahead of US FOMC meeting and US President Joe Biden's speech. The dollar index recovered from eight week lows while US bond yields rose which capped safe haven demand for the yellow metal. The US FED is expected to maintain the policy intact in today's meeting while market will eye on comments from FED official and US President.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1755 and resistance at $1790 per ounce. MCX Gold June support lies at Rs. 46700 and resistance at Rs. 47300 per 10 gram.

Source : Equity Bulls

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